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Huobi Sees $61 Million Net Outflows In A Day, Justin Sun Says FUD

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Huobi Sees $61 Million Net Outflows In A Day, Justin Sun Says FUD

Huobi Global sees $60.9 million worth net outflows in just one day. The withdrawals surged after unconfirmed reports of Huobi laying off employees surfaced on social media. Today, Justin Sun confirmed that Huobi will be laying off 20% of its staff.

Top withdrawals from Huobi are mainly in USDT, USDC, ETH from wallets with high balances.

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Reports of internal conflict at Huobi surface

Earlier today reports of internal strife at the Chinese crypto exchange surfaced on Twitter. Huobi reportedly blocked internal communication groups to curb rebellion. Later, Justin Sun confirmed to Reuters that Huobi will lay off 20% of its staff.

Blockchain analytics firm Nansen reported that $60.9 million of the $94.2 million net outflow in the past week occurred in the past day alone. The news of massive withdrawals also coincided with Silvergate Capital’s shares tanking last night. Silvergate Capital had massive exposure to FTX and had to sell $5.2 billion of debt securities at a $718 million loss to enable withdrawals.

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Justin Sun tries to reassure customers

After news of Huobi laying off 20% of its staff broke, Justin Sun took to twitter to reassure the customers about the exchange’s future. Sun tweeted that as a leading cryptocurrency exchange, their strategy is to stay focused on the long-term and not get swayed by short-term distractions. In an attempt to reassure investors, Justin said they are heavily investing in technology to provide a trusted and reliable platform to their customers.

Justin Sun’s Tron’s stablecoin USDD also started to depeg today as it reached as low as $0.9754. Huobi Token also fell as much as 12% today.

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Jai Pratap

Jai Pratap is a Crypto and Blockchain enthusiast with over three years of working experience with different major media houses. His current role at CoinGape includes creating high-impact web stories, cover breaking news, and write editorials. When not working, you'll find him reading Russian literature or watching some Swedish movie.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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